Q1'21 Earnings Presentation

Results Operating expenses increased slightly in nominal terms mainly driven by technology investment and amortizations. In real terms, costs fell 3% Operating expenses (Constant EUR mn)1 394 371 357 421 Q1'21 Q1'20 YoY (%) QoQ (%) 373 Operating Expenses 373 371 0.6 -11.5 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Santander (1) Average exchange rate as at Q1'21. Branches (#) 1,376 1,429 -3.7 0.2 Employees (#) 23,280 20,121 15.7 4.6 17

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